What is BUMO – The Ubiquitous Trust Network
is a project with the objective of creating a trust network where value can flow as freely as information, utilizing existing smart devices that are already present everywhere in the world!
is focused on enhancing ease of transfer over various networks within the Internet of Things, fintech, and the social network industry. By connecting digital assets, smart devices and user data, BUMO
will enable the true benefits of the digital economy to enhance people’s lives.
Ready-to-use enterprise-grade infrastructure that can support up to 10,000 transactions per second
Developer friendly design tools and templates for easy dApp deployment
Smart devices act as network nodes!
BUMO - Vision
's vision is to create a next generation blockchain for ubiquitous value transfer, which is ready for enterprises to use in high performance.
What is ubiquitous value transfer?
A global network enabling tokenization of any assets!
Based on the infrastructure of BUMO
public chain, all assets could be tokenized, no matter they are Loyalty Points, Game Points, Insurance, Financial Assets, or even some Fixed Assets or Reality Assets, which extend the scope of assets in circulation, make them easy for transferring, and enable these value to be circulated freely around the world and different chains.
BUMO - EASY INTEGRATION
A key step to achieving integration of blockchain technology is easy implementation. Individuals as well companies are likely to avoid costly and complex processes in favor of traditional value transfer methods.
This is where BUMO
changes the game. BUMO
allows users to launch dApps without any dev knowledge. An easy to use templates library can be accessed and used to achieve what the user needs!
BUMO - The Evolution in Fairness
One of the issues that plague modern day blockchains is centralization of mining. This means that there are powerhouses that control an overwhelmingly large amount of mining power. This form of monopolization goes against the very spirit of decentralization and effectively grants them control over the entire chain.
By having a lottery election for validator nodes, BUMO
creates a fair mechanism by which the blockchain can be updated in a decentralized way across the many IoT devices it hopes to connect.
Blockchains and Their Bottlenecks
There are many limits holding back blockchain technology and its mass adoption as it currently exists.
· Performance – transaction speed for platforms like Bitcoin and Ethereum is very low
· Energy consumption – Proof of Work mining is extremely taxing on energy and leads to centralization of mining via mining pools
· Application threshold – Building, integrating, and promoting blockchain infrastructure products into businesses is difficult because professional technical expertise is scarce
· Value isolation – Lack of liquid markets for cryptocurrencies
The BU-Token (“BU”) denominates the “gas” costs of the BUMO
These costs are comprised of:
(i) Storage and network fee – based on type of transaction and its size
(ii) Calculation fee – based on weight of computing resources, measured in the time it takes to execute contract requirements
Gas rewards are delivered to validator nodes as explained above. These rewards are continuously adjusted through voting by the participants on the network via a separate mechanism called the GAS adjustment algorithm.
Free Flow of Digital Assets:
· Static assets are practically useless
· Cross-domain circulation creates new magnitudes of value for all users interoperating through BUMO
Intelligent IoT Value Chain:
· 45 Billion IoT devices expected by 2020
· Intelligent devices can generate data and therefore create value
wants to act as a universal, digital book, enabling this data to be traded seamlessly
Will eliminate fragmented communication protocols between different devices
Will eliminate high costs of network maintenance
Will eliminate fears born of lack of trust via illicit nodes on the network
John runs an insurance company - HouseSafe. The insurance company provides insurance for damages to homes and properties.
HouseSafe is growing, and dealing with increased amounts of data. They collect data from sensors on homes to find patterns that help them determine their premiums.
The HouseSafe CTO - Joanne, is deciding between two blockchains to help securely verify the authenticity of the sensor data - Ethereum and BUMO
After weighing their options, Joanne decides that BUMO
has numerous advantages for this application.
Each sensor can act as a node! The hardware is already there, no added costs.
With 10,000 transactions per second, the information can be updated in real time.
Easy implementation through the use of existing templates in BuVM!
John is happy that he can integrate BUMO
at almost no cost, while bringing scalability and performance enhancements.
BU Token value is based on two factors: 1) the quantity of BU consumed as fuel in the BUMO
network and 2) the ability to participate in BUMO
community governance by holding onto BU.
Applications of BU include but are not limited to:
· Gas – fuel for executing smart contract interactions
· Bookkeeping award – incentive for validators nodes
· Community incentive – motivate developers to create infrastructure contributions
BU can be acquired by:
· Acting as a validator node and collecting a transaction fee through gas
· Transfers between accounts on BUMO
· Participation via donations in Ethereum to the BUMO
· Participation in the development of the construction of BUMO
· Other ways...
More Information & Resources:
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